Debt to Equity
since 2005
Calculation
EQT Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Common shareholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2021 | 0.55 | = | 5,485,002) | ÷ | 10,029,527) |
| Dec 31, 2020 | 0.53 | = | 4,925,466) | ÷ | 9,255,240) |
| Dec 31, 2019 | 0.54 | = | 5,292,979) | ÷ | 9,803,588) |
| Dec 31, 2018 | 0.50 | = | 5,497,381) | ÷ | 10,958,229) |
| Dec 31, 2017 | 0.55 | = | 7,331,554) | ÷ | 13,319,618) |
| Dec 31, 2016 | 0.56 | = | 3,289,459) | ÷ | 5,860,281) |
| Dec 31, 2015 | 0.61 | = | 3,092,343) | ÷ | 5,077,791) |
| Dec 31, 2014 | 0.65 | = | 2,988,900) | ÷ | 4,582,815) |
| Dec 31, 2013 | 0.62 | = | 2,501,516) | ÷ | 4,034,788) |
| Dec 31, 2012 | 0.70 | = | 2,526,173) | ÷ | 3,603,820) |
| Dec 31, 2011 | 0.76 | = | 2,746,942) | ÷ | 3,593,830) |
| Dec 31, 2010 | 0.65 | = | 2,002,850) | ÷ | 3,078,696) |
| Dec 31, 2009 | 0.91 | = | 1,954,200) | ÷ | 2,151,030) |
| Dec 31, 2008 | 0.77 | = | 1,573,417) | ÷ | 2,050,093) |
| Dec 31, 2007 | 1.12 | = | 1,232,829) | ÷ | 1,097,472) |
| Dec 31, 2006 | 0.95 | = | 899,499) | ÷ | 946,280) |
| Dec 31, 2005 | 3.19 | = | 1,131,734) | ÷ | 354,468) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in thousands
The overall capital structure demonstrates a long-term transition from a high-leverage position to a more conservative and stable balance sheet. Between 2005 and 2021, although absolute levels of both debt and equity increased, the growth in shareholders' equity significantly outpaced the accumulation of debt, resulting in a sustained reduction of the debt-to-equity ratio.
- Initial Deleveraging Phase (2005–2006)
- A sharp reduction in financial leverage occurred between 2005 and 2006, where the debt-to-equity ratio fell from 3.19 to 0.95. This shift was driven by a simultaneous decrease in total debt and a substantial increase in common shareholders' equity, which rose from approximately 354 million to 946 million US dollars.
- Gradual Ratio Compression (2007–2016)
- Following the initial volatility, the debt-to-equity ratio exhibited a consistent downward trend over a decade. Although total debt grew from 1.23 billion in 2007 to 3.29 billion in 2016, shareholders' equity expanded more aggressively from 1.10 billion to 5.86 billion during the same period. This led to a gradual decline in the ratio from 1.12 to 0.56.
- Capital Expansion and Stabilization (2017–2021)
- A significant expansion of the balance sheet is observed in 2017, characterized by a spike in total debt to 7.33 billion and a surge in equity to 13.32 billion. Despite the increase in nominal values, the debt-to-equity ratio remained remarkably stable, fluctuating within a narrow range between 0.50 and 0.55 through 2021. This indicates a strategic maintenance of a consistent leverage target during a period of significant scale increase.
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Comparison to Competitors
EQT Corp., debt to equity, long-term trends, comparison to competitors
| EQT Corp. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Dec 31, 2021 | 0.55 | 0.23 | 0.44 | 0.28 |
| Dec 31, 2020 | 0.53 | 0.34 | 0.51 | 0.43 |
| Dec 31, 2019 | 0.54 | 0.19 | 0.43 | 0.24 |
| Dec 31, 2018 | 0.50 | 0.22 | 0.47 | 0.20 |
| Dec 31, 2017 | 0.55 | 0.26 | 0.64 | 0.23 |
| Dec 31, 2016 | 0.56 | 0.32 | 0.78 | 0.26 |
| Dec 31, 2015 | 0.61 | 0.25 | 0.63 | 0.23 |
| Dec 31, 2014 | 0.65 | 0.18 | 0.43 | 0.17 |
| Dec 31, 2013 | 0.62 | 0.14 | 0.42 | 0.13 |
| Dec 31, 2012 | 0.70 | 0.09 | 0.45 | 0.07 |
| Dec 31, 2011 | 0.76 | 0.08 | 0.35 | 0.11 |
| Dec 31, 2010 | 0.65 | 0.11 | 0.34 | 0.10 |
| Dec 31, 2009 | 0.91 | 0.11 | 0.46 | 0.09 |
| Dec 31, 2008 | 0.77 | 0.10 | 0.50 | 0.08 |
| Dec 31, 2007 | 1.12 | 0.09 | 0.24 | 0.08 |
| Dec 31, 2006 | 0.95 | 0.14 | 0.33 | 0.07 |
| Dec 31, 2005 | 3.19 | 0.21 | 0.24 | 0.07 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
EQT Corp., debt to equity, long-term trends, comparison to sector (oil, gas & consumable fuels)
| EQT Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2021 | 0.55 | 0.28 |
| Dec 31, 2020 | 0.53 | 0.40 |
| Dec 31, 2019 | 0.54 | 0.24 |
| Dec 31, 2018 | 0.50 | 0.23 |
| Dec 31, 2017 | 0.55 | 0.28 |
| Dec 31, 2016 | 0.56 | 0.33 |
| Dec 31, 2015 | 0.61 | 0.28 |
| Dec 31, 2014 | 0.65 | 0.21 |
| Dec 31, 2013 | 0.62 | 0.17 |
| Dec 31, 2012 | 0.70 | 0.13 |
| Dec 31, 2011 | 0.76 | 0.15 |
| Dec 31, 2010 | 0.65 | 0.16 |
| Dec 31, 2009 | 0.91 | 0.18 |
| Dec 31, 2008 | 0.77 | 0.18 |
| Dec 31, 2007 | 1.12 | 0.13 |
| Dec 31, 2006 | 0.95 | 0.17 |
| Dec 31, 2005 | 3.19 | 0.15 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
EQT Corp., debt to equity, long-term trends, comparison to industry (energy)
| EQT Corp. | Energy | |
|---|---|---|
| Dec 31, 2021 | 0.55 | 0.31 |
| Dec 31, 2020 | 0.53 | 0.44 |
| Dec 31, 2019 | 0.54 | 0.26 |
| Dec 31, 2018 | 0.50 | 0.25 |
| Dec 31, 2017 | 0.55 | 0.30 |
| Dec 31, 2016 | 0.56 | 0.35 |
| Dec 31, 2015 | 0.61 | 0.30 |
| Dec 31, 2014 | 0.65 | 0.22 |
| Dec 31, 2013 | 0.62 | 0.19 |
| Dec 31, 2012 | 0.70 | 0.15 |
| Dec 31, 2011 | 0.76 | 0.16 |
| Dec 31, 2010 | 0.65 | 0.17 |
| Dec 31, 2009 | 0.91 | 0.19 |
| Dec 31, 2008 | 0.77 | 0.19 |
| Dec 31, 2007 | 1.12 | 0.15 |
| Dec 31, 2006 | 0.95 | 0.19 |
| Dec 31, 2005 | 3.19 | 0.16 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).